All Forum Posts by: Michael Noto

You gave gotten good information on this thread, in general it all comes down to your debt to income ratio so if your properties are cash flowing it should be less of an issue to qualify for loans on the personal side. 

There are a lot of costs that increase when you have kids and combine that with the fact that you are young I would not voluntarily put myself in a position where you are decreasing your income and your ability to get loans as both are vital in growing a real estate portfolio. 

@Katie Jewell Do you have buyers that are specifically mentioning a Zestimate as a concern?  This may be different based on the market, but I don't here people referencing Zestimates in the markets I am in. 

Does the lease allow you to access with 24 hours notice or for emergency purposes? If so I would start there. 

@Abe Alam Your lender will dictate the max credit you can get, it is usually a percentage of the purchase price. Once you have your conversation with them things should become clearer on that front. 

Whatever you decide your minimum qualifications to be just make sure they are clearly stated to every person who inquires about the apartment the same way. Not doing so can get you in hot water. 

Also, try to not give in on 1 or multiple of the requirements once you get an application in front of you. You have minimum quals for a reason, stick to them. 

In most cases asking for a credit as opposed to a price reduction will make more sense for you as a buyer. Look into that. 

Brandon Turner's book on rental property investing and his other one on managing rentals is a good place to start.

I also recommend the "Millionaire Real Estate Investor" by Gary Keller. Very easy to follow book for a beginner.

Evaluate section 8 tenants the same way you would evaluate any other tenant. The only thing you adjust for is the fact that some or all of the rent will be paid by the housing authority. Do not lower rent or neglect to run background/credit checks. It will come back to bite you eventually. 

Is dealing with section 8 worth giving up $3600 minimum per year? I think most people would say no. 

The resealing of granite countertops is not something I would put on a tenant, and I am not sure it is a reasonable security deposit deduction unless the countertop is damaged.